Rebuilding the Collapsing Economy Every day on the news there is at least one story dealing with the unstable economy in our United States. Currently we sit on a $1.3 trillion deficit, multiple wars, and unemployment has been on the rise for a long time. Almost every person in the nation has been affected in some way due to this economic struggle be it their family, a family or friend, or organization around them. Thousands are out of a job and are having the battle of their lives. Obama gave an initial effort of putting stimulus money back into the economy through businesses that needed a kick start. However, this plan ultimately failed as a whole due to unwise spending once the money reached the ravenous industry. Since then, Obama has begun to really go at the bank corporations because they were some of the worst offenders in squandering money. Those banks used the stimulus money given to them to pay their employees huge salary bonuses for doing superior work. To the rest of the country, who happened to be struggling to stay afloat, this was seen as almost treasonous. In response to this, Obama has taken great strides to help heal the economy. So far he has:
Signed the American Recovery and Reinvestment Act.
Announced the "Making Home Affordable" home refinancing plan.
Launched a $15 billion plan to boost lending to small businesses.
The President and Secretary Geithner announced the details of the Financial Stability Plan.
Played a lead role in G-20 Summit that produced a $1.1 trillion deal to combat the global financial crisis.
Signed the Fraud Enforcement and Recovery Act which gives the federal government more tools to investigate and prosecute fraud, from lending to the financial system, and creates a bipartisan Financial Crisis Inquiry Commission to investigate the financial practices that brought us to this point.
Signed the Helping Families Save Their Homes Act, expanding on the Making Home Affordable Program to help millions of Americans avoid preventable foreclosures, providing $2.2 billion to help combat homelessness, and helping to stabilize the housing market for everybody.
Signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act to protect Americans from unfair and deceptive credit card practices
With these great strides in the way of aiding to mend our broken economy, Obama can continue the process with his three step plan. He wants to: 1.Get the economy back on track: President Obama signed legislation to jumpstart our economy, the American Recovery and Reinvestment Act, less than a month after his inauguration. The plan will save or create 3.5 million new jobs, make critical investments in our infrastructure and give 95 percent of working Americans a tax cut.
2.Fight the housing and financial crises:
A new housing program has stabilized the market, preventing more foreclosures and helping millions more re-finance at historically low mortgage rates. The Administration is also moving forward with its plans to get credit flowing again to businesses and families, and to reform our regulatory system so we have a set of 21st century rules to match 21st century financial markets.
3.Rebuild our economy on a new, sustainable foundation:
By making bold and wise investments in healthcare, energy and education, and restoring fiscal accountability to government spending, we will cut costs for American families and businesses, create good jobs that can’t be shipped overseas, give our children the education they need to be competitive in the global marketplace and leave our grandchildren a legacy they can be proud to inherit.
Hopefully, one day in the not so distant future, our United States economy can be thriving and not in nearly as much debt as we currently are.
Economy
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Rebuilding the Collapsing Economy
Every day on the news there is at least one story dealing with the unstable economy in our United States. Currently we sit on a $1.3 trillion deficit, multiple wars, and unemployment has been on the rise for a long time.
Almost every person in the nation has been affected in some way due to this economic struggle be it their family, a family or friend, or organization around them. Thousands are out of a job and are having the battle of their lives.
Obama gave an initial effort of putting stimulus money back into the economy through businesses that needed a kick start. However, this plan ultimately failed as a whole due to unwise spending once the money reached the ravenous industry.
Since then, Obama has begun to really go at the bank corporations because they were some of the worst offenders in squandering money. Those banks used the stimulus money given to them to pay their employees huge salary bonuses for doing superior work.
To the rest of the country, who happened to be struggling to stay afloat, this was seen as almost treasonous.
In response to this, Obama has taken great strides to help heal the economy. So far he has:
- Signed the American Recovery and Reinvestment Act.
- Announced the "Making Home Affordable" home refinancing plan.
- Launched a $15 billion plan to boost lending to small businesses.
- The President and Secretary Geithner announced the details of the Financial Stability Plan.
- Played a lead role in G-20 Summit that produced a $1.1 trillion deal to combat the global financial crisis.
- Signed the Fraud Enforcement and Recovery Act which gives the federal government more tools to investigate and prosecute fraud, from lending to the financial system, and creates a bipartisan Financial Crisis Inquiry Commission to investigate the financial practices that brought us to this point.
- Signed the Helping Families Save Their Homes Act, expanding on the Making Home Affordable Program to help millions of Americans avoid preventable foreclosures, providing $2.2 billion to help combat homelessness, and helping to stabilize the housing market for everybody.
- Signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act to protect Americans from unfair and deceptive credit card practices
With these great strides in the way of aiding to mend our broken economy, Obama can continue the process with his three step plan. He wants to:1. Get the economy back on track:
President Obama signed legislation to jumpstart our economy, the American Recovery and Reinvestment Act, less than a month after his inauguration. The plan will save or create 3.5 million new jobs, make critical investments in our infrastructure and give 95 percent of working Americans a tax cut.
2. Fight the housing and financial crises:
A new housing program has stabilized the market, preventing more foreclosures and helping millions more re-finance at historically low mortgage rates. The Administration is also moving forward with its plans to get credit flowing again to businesses and families, and to reform our regulatory system so we have a set of 21st century rules to match 21st century financial markets.
3. Rebuild our economy on a new, sustainable foundation:
By making bold and wise investments in healthcare, energy and education, and restoring fiscal accountability to government spending, we will cut costs for American families and businesses, create good jobs that can’t be shipped overseas, give our children the education they need to be competitive in the global marketplace and leave our grandchildren a legacy they can be proud to inherit.
Hopefully, one day in the not so distant future, our United States economy can be thriving and not in nearly as much debt as we currently are.